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Turkey Investigates Former FTX CEO Sam Bankman-Freed Fraud and Seizes His Assets

Turkey Investigates Former FTX CEO Sam Bankman-Fried for Fraud, Seizes Assets

The Turkish government has launched an investigation into the former CEO of bankrupt cryptocurrency exchange FTX, Sam Bankman-Fried. According to local media reports, Ankara authorities have also seized assets belonging to the founder of the troubled coin trading platform.

Turkish Financial Intelligence Unit Initiates Another FTX-Related Investigation

Turkish financial regulators have launched an investigation into FTX founder and former CEO Sam Bankman-Fried (SBF) on suspicion of fraud. The move follows an investigation launched in mid-November into the collapse of a company that also operated the Turkish platform.

Both investigations are led by the country’s Financial Crime Investigation Board (MASAK), a division of the Treasury and Finance Ministry. As part of them, the authorities seized the assets of SBF and other affiliates, Anadolu reported on Wednesday.

Commenting on the case, Turkish Finance Minister Nureddin Nebati highlighted the risks associated with digitalization as well as the opportunities, warning that the crypto market should be approached with “the utmost caution.”

Amid skyrocketing inflation in the national fiat currency, the lira, many Turks have invested in crypto assets in the last few years to keep their savings. However, domestic trading platform failures and scams, as well as the ongoing crypto winter, have hurt Turkish investors.

FTX, which was one of the top crypto exchanges in the world, filed for US Chapter 11 bankruptcy protection on Nov. 11 after struggling with liquidity issues and is now under voluntary administration. Bankman-Fried resigned, and the group’s new management fired three other top managers.

In addition to Turkey, the FTX group of companies is currently under investigation in a number of other jurisdictions, including the United States, the Bahamas, where it was headquartered, and Japan. The licenses of the exchange and its subsidiaries have also been suspended in several markets. According to a recent report, the Bahamas may extradite the SBF to the US for questioning.

Tags in this story

bankruptcy, board, ceo, collapse, crypto, crypto assets, crypto exchange, cryptocurrencies, cryptocurrencies, exchange, financial intelligence, ftx, investigation, probe, sam bankman-fried, sbf, takeover, turkey, turkish, block

Do you expect foreign financial authorities to launch an investigation into former FTX CEO Sam Bankman-Fried? Tell us in the comments section below.

Lubomir Tasev

Lubomir Tasev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is what I am, not what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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